Customers Using Predict360's AI-Powered Solutions
Risk Control Self Assessment For Banks And Financial Institutions
Risk and Control Self-Assessment (RCSA) reporting is critical to ensuring that banking and financial services organizations are in fact addressing and properly evaluating and mitigating risks. The process has traditionally been managed manually using distributed spreadsheets, documents and email. However, in today’s fast-paced regulatory environment, Chief Risk Officers, Risk Managers, Business Unit Managers, and Boards of Directors require more than last term’s historic assessment data. They need real-time risk and control insight. Predict360’s RCSA solution delivers risk stakeholders:
- Centralized risk and control reporting across business units
- A common taxonomy of risks and controls across the organization
- Risk assessment scheduling for periodic and/or reoccurring assessments
- Real-time identification of controls that are operating outside tolerance levels
- Action items for remediation or improvement plans that are linked to risks and/or assessments
Replace Manual Risk Assessment Reports
Legacy risk assessment reports are time consuming and inefficient. The effort required to gather and evaluate risks, controls and inherent and residual risk is compounded by decentralized data and manual data entry and analysis. Further, a lack of standardization of risks or controls definitions results in:
- Inconsistent risk ratings across business units
- Non-standardized control taxonomies and definitions
- Difficulties in rolling up overall enterprise risk
- Duplication of efforts across departments
- Subjective versus objective assessments
Risk Control Self Assessment Tools That Provide Uniformity, Expediency And Clarity
Predict360’s risk control self assessment tools enables organizations to manage risks using proven enterprise risk management techniques such as risk control self assessment for banks to capture inherent and residual risk ratings and controls as well as additional details including risk owners, risk type, management comments, monetary impact and more. Individual risks can also be linked with their associated regulations and/or business obligation.
- Real-time insight into RCSA progress and risk ratings
- Standardization of risk and control taxonomies make it easier to compare and evaluate risks
- Enterprise level RCSA reports based on data from different business units
- Executive visibility into risk items with the ability to drill down to greater detail
Control Testing
The Optional Predict360 Control Testing application complements the Risk Management and Assessment application by providing the following functionality:
- Links to each control’s documentation
- Activities can be derived from and/or associated with controls, such as control tests, tasks, and action plans for reviewing and improving controls, and issues relating to a process or control test failure.
- Workflow for controls testing, which includes both Design Assessment Procedures (DAP) and Operating Effective Procedures (OEP).
- Control tests (assessments/questionnaires) can be linked to individual controls, enabling the use of industry-recommended control tests as part of optionally accessible and pre-loaded industry risk library packages in Predict360.
Additional content plug-ins can be purchased to provide an industry-standard risk management framework, controls, and control tests (both design and operational control tests) to help mitigate risks inside the organization.
Assess Inherent, Residual and Current Operational Risks
Inherent and residual risk ratings can either be captured as user-specified impact and likelihood values, or the system can prompt the end-user through a company-defined set of questions/criteria to ensure a consistent risk rating is calculated across the organization. This results in more accurate operational risk self-assessments.
- Control Information can be captured in a summary control text field or as individual control items with attributes including efficacy, implementation percentage and weight to calculate the effectiveness a control has on managing a particular risk.
- Functionality linking multiple controls to a single risk and/or a single control linked to multiple risks is supported.
- Using the efficacy, implemented % and weight, a current risk rating is calculated and updated in real-time to identify controls that are operating outside tolerance levels. Those values can be updated any time that an incident occurs or control tests fail to instantly flag emerging risks to the enterprise.
We look forward to working with 360factors to advance our enterprise risk and compliance programs for the bank while increasing the products and services we offer to the community.
Mark CaselChief Risk Officer
We selected Predict360 due to its ease of use, banking industry design, and endorsement by the American Banker’s Association.
Eric SprinkPresident & CEO
Predict360’s banking workflows, risk library content, and endorsement from the American Bankers Association are a great fit for our bank.
Julie DahleEVP and Chief Risk Officer
Predict360’s out-of-the-box applications designed specifically for banks our size along with their banking content was a significant influence in our selection of 360factors.
John DunneEVP Chief Risk Officer
As part of our initiative to expand our products and services, we wanted to enhance our enterprise risk and compliance management to support this growth. Predict360 will enable our team to meet these goals efficiently.
David ClaussenChief Risk Officer
360factors’ solutions, powered by artificial intelligence, enables our organization to adapt and respond effectively to the ever-changing regulatory compliance landscape
Joanna ChancellorBusiness Support Manager
The powerful features combined with the easy implementation of the cloud solution made Predict360 a great fit for our organization.
Steve ParkerChief Executive Officer
We believe our collaboration with 360factors and the technology they bring supports our vision for the future.
Gina AnonuevoChief Compliance Officer
Deploying Predict360 is another step by us towards becoming a more streamlined and efficient organization.
Crystal BarnesRegulatory Compliance Specialist
